I have this now. Now when the E and Z come in, and want at both the upper and lower side that the sides of the grey/white stuff will like wobble a bit off the impact that the E and Z make. Since they come in really fast it needs to make like a liquid sorta wobble, would look really smooth. I've looked up liquid animation tutorials before but nothing seems to do what I want here. Anyone can help me out?

I would try some of AE's distortion tools, maybe even displacement mapping. Bezier Warp would also do the trick. It may be easier to pre-compose the moving letters and apply the distortion to the whole image. To get specific instructions for the various distortion tools type the name of the effect in the Search Help field at the top right corner of AE and check out the help files and community resources. This will save you a bunch of time when you start experimenting.